According to VGC’s latest report, Take-Two has finally reached an acquisition agreement for the previous sum of $973 million, with Codemasters expecting the sale to complete early next year.
Both the companies have also made their investors aware of what’s coming in a note sent out on Tuesday, November 10. If the shareholders give their approval in one of the upcoming general meetings, the acquisition could occur as soon as by Q1 2021.
For those unaware, a few days ago, Take-Two confirmed that it had made an offer to acquire the UK-based studio Codemasters for $973 million. If completed, the deal is also said to include the acquisition of Slightly Mad Studios, the developers of Project Cars.
However, Take-Two also stated that the acquisition would occur only if by the due diligence of both the parties and the higher-ups over at Codemasters agree to it.
“In addition, Take-Two believes that it can bring benefits to Codemasters’ performance by leveraging Take-Two’s global distribution network and 2K’s core operating expertise in publishing, including live operations, analytics, product development, and brand and performance marketing.”
Take-Two Representative
Anyhow, that is no longer the case, seeing how both the parties have reached the acquisition agreement.
“We are exceedingly pleased to announce this recommended transaction with the Board of Codemasters, Codemasters has a renowned history of creating some of our industry’s most beloved and commercially successful racing franchises, and we believe that their offerings will be highly complementary to our sports portfolio and enhance further our organization’s long-term growth.”
Strauss Zelnick, Take-Two CEO
“With a leading position in sports gaming, the Board of Codemasters firmly believes the Company will benefit from Take-Two’s broad capabilities which will help propel the long-term success of Codemasters.”
Gerhard Florin stated,Codemasters chairman
Anyhow, it will undoubtedly be interesting to see what course of action and what path these two companies take after the acquisition, along with how beneficial the deal will be for both the parties!
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